AAA releases latest gas prices nationwide; Indiana inches closer to breaking record average
INDIANAPOLIS (WISH) — Indiana is averaging $4.14 a gallon as of Tuesday morning. The number is up 16 cents from Monday, according to AAA.
It does not break the $4.25 record set 11 years ago, but it’s close.
The AAA map below shows gas prices in Indiana up close. Counties with the highest prices are in red and the darkest blue represents the lowest prices. Marion County is in the middle in white.
Nationwide the average gas price is $4.17, the highest in history. It’s an increase of 6 cents from the prices seen yesterday across the country.
The U.S is building on breaking the record set in the financial crisis in 2008 when the average was $4.10.
The war in Ukraine is the main reason why gas prices are rising.
Experts have said that Russia’s stance as the world’s 3rd largest oil producer is having global repercussions.
Patrick De Haan with GasBuddy predicts prices will get worse before it gets better.
“The problem is that global consumption is nearly at 100 million barrels a day and the problem is that Russia is a significant producer of about 10 million barrels a day of oil production, and suddenly with the loss of Russian oil, the balance has been significantly tipped in a way we’ve never fully seen before,” said De Haan.
IU Economics professor Kyle Anderson said rising gas prices will impact two big parts of the U.S economy, how much money we spend and the cost of goods.
Anderson also mentioned there isn’t much the Biden administration can do to lower prices.
“The administration can make decisions that affect energy and oily policy, but a lot of those really play out over months and even years,” said Anderson. “One thing that gets talked about that could maybe have a short term impact is the suspension of the federal gas tax, but that would only bring down prices by probably less than 10 cents and it would have a negative impact on our highway funds and those important things that need to be funded.”
Experts have said the small things matter right now when it comes to saving money, such as limiting driving and conserving gas.